Library Journal, a trade publication for library professionals, reportedly signed a 10-year, 11,521-square-foot lease for a portion of the 10th floor at East End Capital’s 123 William Street.
East End Capital acquired the building last year and plans to update the 27-story, 500,000-square-foot downtown property, but asking rents still came in at just $36 per square foot.
“They’re pouring a million dollars into renovating the lobby and have plans to create an outdoor roof deck as an amenity for the building’s occupants,” CBRE’s Brad Gerla told Crain’s. “Tenants look at this building and they’re excited by the work.”
Library Journal will relocate from Varick Street. The paper covers news about public libraries and reviews library-related materials and equipment. The “Library Journal Book Review” offers prepublication reviews of hundreds of books each month.
East End Capital and its ownership partner, GreenOak Real Estate, purchased the property in October of last year for around $130 million. The building renovation, expected to be completed within the upcoming months if not weeks, includes a new lobby, windows and elevators.
Mr. Gerla, who represented the landlord with Desiree Harbacek and Jonathan Cope of the same firm, noted that 80,000 square feet of deals are pending at the property.
Joseph Genovesi and John Harte of Studley represented the tenant.
In January The Institute for Career Development signed a five-year, 26,558-square-foot lease at the property for the entire fifth floor.